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Problem - Can You Be a Nowhere Adviser?
The intent of much of today's multistate income tax planning is to create so-called nowhere sales, such that the income from the transaction is not subject to tax in any state. Suppose, for instance, that a sale is made from Georgia (a state with no throwback rule) into Nevada (the place of ultimate destination, but a state with no income tax). No state-level income tax liability is generated.
Is it ethical for a tax adviser to suggest such a strategy? Could you ethically propose the establishment of a sales office in a nonthrowback state, thereby avoiding state income tax on a transaction that is fully taxable under Federal rules?
Carla and Eliza share income equally. During the current year the partnership net income was $40,000. Carla made withdrawals of $12,000 and Eliza made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Carla c..
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The Kraig Corporation manufactures custom-made purses. The following data pertains to Job XY5: Direct materials placed into production $4,000.
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Maya is a senior auditor with Childs, Maxwell and Weaver, LLP. Maya specializes in auditing loan loss reserve. What can and should Maya disclose about Mr. Bill?
Prepare the cash flows from operating activities section of Sandhill's 2017 statement of cash flows using the direct method
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